This week is Labour Party conference week. Rachel Reeves made her debut speech on Monday as the Chancellor of the Exchequer. She said there was no return to austerity but instead a time for “iron discipline” and “relentless focus.” With this in mind, we explore what’s expected in the budget. When is the Budget? The […]
Category Archives: VAT
self employed, Tax Planning, Tax Tips, VAT
Can you avoid VAT Registration by conducting business through two entities?
04
Sep
Sep
In the Spring 2024 Budget, the previous government raised the VAT threshold from £85,000 to £90,000, having frozen it at £85,000 for six years. This means a business must register for VAT if its taxable sales have exceeded £90,000 in any rolling twelve-month period. Furthermore, you must register if the sales will exceed £90,000 in […]
28
Aug
Aug
As expected, the new Labour government has published draft legislation subjecting private school fees to VAT from 1 January 2025. VAT on private school fees is here. The draft measures have been published for technical consultation before they are included in the Finance Bill for 2024-25. The background The current VAT legislation includes a VAT […]
HM Revenue & Customs, VAT, VAT Compliance, VAT Return
Why do you need to know the difference between VAT Error and Adjustment?
10
Feb
Feb
The word “adjustment” means alteration in the English Language whilst “error” means a mistake. The difference between the two is important because when it comes to your VAT Returns how you deal with a VAT error is different to how you can deal with a VAT Adjustment. What qualifies as a VAT Adjustment? […]
25
Jan
Jan
January is normally when so many of us start looking at our holiday plans for the year ahead. What better way to spend those cold dark evenings. A few of us even dream of having a holiday place that we can call our own. And why not? A place of our own in a familiar […]
HM Revenue & Customs, VAT, VAT Compliance, VAT Return
Changes to VAT penalties – what you need to know
07
Dec
Dec
The changes in the VAT penalty system which we have known about for a while comes into effect next month (January 2023). We are expecting more details this month from HM Revenue & Customs but here’s what we know so far relating to the changes to VAT penalties. The main reason for the introduction of […]
Business Tips, Corporation Tax, HM Revenue & Customs, Personal Tax, VAT
Why you need a Government Gateway Account
03
Aug
Aug
What is a government gateway? Why do you need a government gateway account anyway? The gateway is a central location via which you can access various services including your tax account. How many of you have tried to contact HM Revenue & Customs (HMRC) recently over the phone only to get frustrated with the holding […]
27
Apr
Apr
We are now in the new tax year 2022-2023 which started on 6th April 2022. Did you know the chosen year end of 5th April was first introduced in 1752? Back then the new tax year started on 25th March and ended after full 365 days which would be on 4th April. But in 1800 […]
09
Mar
Mar
It’s not long to go before 1st April 2022. What is the relevance of this date you ask? This is the date MTD comes into play if you are a VAT Registered business but not yet filing under MTD. What is MTD? Making Tax Digital (MTD) is HM Revenue & Customs plan to digitise […]
Business Tips, Capital Allowances, capital gains tax, Employee Benefits, VAT
Tax breaks for your garden office
26
Jan
Jan
Most restrictions in England will end tomorrow as Plan B comes to an end! Which side of the divide do you belong to? Is it time to get back to “normal” and for everyone to go back to the office? Or is it too early and we should all carry on working from home until […]
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